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<br />DCB:sh 9/10/85 <br /> <br />(b) Property damage insurance in the amount of $500,000. <br /> <br />A certificate or certificates evidencing the maintenance of <br /> <br />the required insurance shall be deposited with the City Clerk <br /> <br />prior to any use of the subject premises by Permittee. <br /> <br />Each <br /> <br />certificate shall bear the following endorsements: <br /> <br />(1) Endorsement precluding cancellation or reduction in <br />coverage before the expiration of 45 days after City <br />shall have received any notification thereof from the <br />insurance carrier; <br /> <br />(2 ) <br /> <br />Endorsement naming the City <br />councilmen, and all officers, <br />thereof, as additional insureds; <br /> <br />of Redwood <br />agents and <br /> <br />City, the <br />employees <br /> <br />(3) Standard cross liability endorsement. <br /> <br />11. <br /> <br />Abandonmen t 0 f <br /> <br />Improvement. <br /> <br />In the event that <br /> <br />Permittee abandons or fails to use the subject premises for a <br /> <br />period of one year, or shall fail or neglect or refuse to comply <br /> <br />with any of the conditions herein contained, or in the event that <br /> <br />this permission shall be revoked, then all rights of the <br /> <br />Permittee hereunder shall forthwith cease. <br /> <br />However, if anyone of the improvements is revoked, the <br /> <br />enforcement or continuation of this permit shall be effected as <br /> <br />to other improvement or improvements. <br /> <br />12. <br /> <br />Transfer. <br /> <br />The terms and conditions hereof shall be <br /> <br />binding upon and be for the benefit of the successors in interest <br /> <br />of Permittee, assigns, transferees, heirs, or grantees of <br /> <br />Permittee. <br /> <br />13. <br /> <br />Acceptance. <br /> <br />This permit shall not be effective until <br /> <br />fully executed and recorded. <br /> <br />5 <br />